According to CryptoPotato, Ripple's XRP cryptocurrency is maintaining its position at $0.50, despite a general market upswing. Analysts are predicting a potential bull run, with the $0.49 resistance level being a key factor. Future projections suggest that XRP's price movement could be influenced by Bitcoin's performance, with predictions indicating a significant rise if market conditions are favorable.
The cryptocurrency market saw a resurgence on May 13, with many digital assets entering green territory. Bitcoin briefly surpassed the $63,000 level, while Ethereum approached the $3K mark. However, Ripple's XRP lagged behind the leaders, showing little to no volatility and maintaining its $0.50 level. Despite this, many analysts believe the asset is due for a rapid price revival. For instance, analyst EGRAG CRYPTO praised XRP's recent consolidation and suggested a bull run is imminent, predicting the token could skyrocket to $6.40 in the coming months if it continues trading above the $0.49 resistance level.
Another analyst, CrediBULL Crypto, argued that XRP's potential price rise in the future could be partially dependent on Bitcoin. They suggested that a Bitcoin spike towards $69-70K could be a factor fueling a rally for Ripple's native token. Other analysts, such as David Watt and Crypto Tony, also foresee an XRP rally in the near future. Watt predicted the asset's price could climb to $0.56 in the next few days, while Crypto Tony was even more bullish, predicting a bull run once XRP reclaims the major support zone of $0.67.
Many industry participants believe the ongoing lawsuit between Ripple and the US SEC is the main obstacle preventing an XRP rally. However, the specifics of the case and its potential impact on the token's value remain to be seen.
